May 2023 HDB BTO review: Serangoon

The May 2023 Serangoon BTO is probably the most anticipated project for this launch. Because the first (and last time) HDB launched a BTO here was nine years ago for short-lease studio apartments.

This means that previously, families could only buy a flat here from the resale market (which commands a premium). But that’s set to change with the upcoming May 2023 HDB BTO launch.

May 2023 Serangoon HDB BTO at a glance

Classification Mature estate
Flat types and number of units 330



Estimated price for a 4-room flat S$350k – S$430k
Estimated waiting time TBC
Estimated completion date TBC
Delivery possession date TBC
Nearest MRT Serangoon North MRT
Notable amenities  Chomp Chomp, myVillage, Heartland Mall, Nex, Serangoon Stadium, Serangoon Swimming Complex
serangoon may 2023 bto
Source: HDB

May 2023 Serangoon HDB BTO: Price range and estimated monthly instalments

HDB hasn’t released the price range yet. For now, here’s SRX’s estimations based on nearby resale transactions and launch prices from recent BTO launches.

Flat type Price range 
4-room S$350,000 – S$430,000
5-room S$470,000 – S$560,000

Source: SRX. These estimations have been adjusted for differences in property age and location. If a launch is nearer to an MRT or commercial development, it’s likely to be more expensive.

Estimated downpayment, monthly instalments and income

Based on these pricing forecasts, we can estimate the downpayment, monthly instalments and household income needed to pay for the May 2023 Serangoon BTO flat. These estimates are based on the following assumptions:

  • An HDB loan is taken to maximise the 80% loan-to-value (LTV), given the latest cooling measures
  • The loan tenure is 25 years, with the current interest rate of 2.6%
  • A stress-test rate of 3% is used to calculate the Mortgage Servicing Ratio (MSR), which stipulates that up to 30% of your monthly household income can be used to pay the monthly instalments.
  • There is no other housing loan to service

To illustrate, we’ll use the median of the price range and won’t be taking into account any CPF grants or savings to be used.

Flat type Median price Loan amount (80%) Downpayment (20%) Estimated monthly instalment (with 2.6% interest rate) Estimated monthly household income (with 3% stress-test)
4-room S$390,000 S$312,000 S$78,000 S$1,415.45 S$4,931.80
5-room S$515,000 S$412,000 S$103,000 S$1,869.12 S$6,512.50

Looking to take out a bank loan instead? Contact’s mortgage broker to get the best rates.

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May 2023 Serangoon HDB BTO: Location and nearby amenities

*Disclaimer: Walking, public transport ride and driving durations are based on Google Maps estimates. Actual times may vary.


Right now, this Serangoon BTO doesn’t have an MRT within walking distance. But in 10 years time (or around five years after moving in), you’ll have Serangoon North MRT on the new Cross Island Line (CRL) at around a 13-minute walk away.

The MRT will be ready together with the first phase of CRL in 2032. It will just be one stop to the North-East Line and two stops to North-South Line.

But until then, the nearest MRT stations are Kovan MRT and Serangoon MRT at around a 20-minute walk away (which is definitely not walkable in hot and humid Singapore). Or around a 10-minute bus ride away.

Food and retail amenities

Probably one of the best things about this BTO is that it’s near Serangoon Garden. It’s a foodie’s haven with Chomp Chomp Food Centre, Serangoon Garden Market and Food Centre, and various cafes and dessert shops.

chomp chomp

And here’s where you can find myVillage, a small boutique mall in the area.

Another option is Heartland Mall at around a 10-minute bus ride.

But if you’re looking for variety, and don’t mind the crowd and the confusing layout, you can always head to Nex. (Every time I go to Nex, I always struggle to find my way back to the MRT 😢)


More importantly for parents who die die want to get their kids into Rosyth School, this is the BTO to ballot because it’s within a 1km radius of the popular primary school.

Rosyth School
Rosyth School is a popular school in Serangoon. Image credit: Google Street View

(Or for those who plan to sell their flat after the Minimum Occupation Period (MOP), since it will garner some demand from this type of buyers.)

The other primary school within 1km is Zhonghua Primary. Meanwhile, Xinmin Primary and CHIJ Our Lady of Good Counsel fall under the 1km – 2km range.

Other schools nearby include:

  • Serangoon Garden Secondary
  • Peicai Secondary
  • Bowen Secondary
  • Xinmin Secondary
  • Lycee Francais De Singapour

Sports facilities

We also like that there’s Serangoon Stadium and Swimming Complex down the road at around a five-minute bus ride away.

May 2023 Serangoon HDB BTO: What’s the potential price appreciation?

A major upcoming development here will be the opening of Serangoon North MRT on the new CRL, making the area more convenient for residents. With a new MRT opening in the area, flats here should command higher demand (and higher prices).

Looking at the price trend of HDB flats over the past 10 years, the average price of 4-room flats in Serangoon has generally mirrored that of 4-room flats in mature estates. 4-room flats in the area have generally seen a price appreciation of 21.53%, but this is mainly due to the steep increase in HDB resale prices over the last three years due to pandemic-related factors.

4 room flats in serangoon price trend
Prices of 4-room flats increased steeply during the two-year Covid period.

On the other hand, we note that the average price is lower than that of mature estates. This is possibly due to lease decay, as all the HDB resale flats in Serangoon are at least 20 years old. It’s unlike other mature estates, which have seen newer flats resold in the secondary market.

Likewise, the lower average price is observed for 5-room flats in Serangoon. But what’s surprising is that 5-room flats here have seen a lower price appreciation of 5.62% over the last decade. The price decline had been more pronounced from 2013 onwards, before increasing in 2020 to 2022. However, as of 30 Mar, prices of 5-room flats have started trending downwards.

5 room flats in serangoon price trend
Likewise, 5-room flats have seen a steep price increase during the two-year Covid period.

Here are the average resale prices in Serangoon so far this year, as of 30 Mar 2023:

Flat type Average price psf Average price 
4-room S$577 S$597,297
5-room S$511 S$671,828

HDB flats for sale in Serangoon


May 2023 Serangoon HDB BTO: What are my chances of getting a queue number?

We don’t have relevant application rate data to show, since the previous BTO launch here was for short-lease studio apartments for the elderly. In comparison, the May 2023 BTO launch will offer 4-room and 5-room flats for families.

But we dare say that chances of getting a queue number are slim. This is because only around 330 units are up for grabs, making it the smallest project in this launch. What’s more, with 5-room flats available here, it will attract more demand from buyers.

This will also be the first time a BTO is launched here for families. So brace yourself for the stiff competition, especially since these BTO flats will be more affordable than the resale flats.

Find out how to increase your chances of securing a BTO flat.

Will you apply for the May 2023 Serangoon HDB BTO? Let us know in the comments section below.

If you found this article helpful, check out our overview of the May 2023 BTO projects and keep a lookout for the other reviews coming soon!

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